City staff have proposed increases in the development fees it charges those building in the city.
If approved, the development rate for residential development would increase by 15 per cent to $33,470 for a single/semi-detached unit and the proposed non-residential rate would increase by 21 per cent to $11.72 per square foot.
"The proposed rates are still very competitive with DC rates in nearby cities, such as Kitchener and Cambridge, who are also in the process of conducting a Background Study," says the city in a news item.
Development charges are fees levied on new development that help recover costs associated with growth. The city reviews its development charges every five years.
The proposed increases stem out of the Development Charges Background Study undertaken by city staff, Watson and Associates Economists Ltd. and a stakeholder group comprised of local residents, developers and commercial property owners.
The background study is ongoing and final rates are expected to be released in November.
A public meeting will be held in January for residents and stakeholders to provide feedback on the proposed rates. They will be presented to council in February for approval and take effect in March.
